Nasdaq 100 E-mini-Futures - D1 - MAJOR DOUBLE TOP IN PROGRESS !
M1 : Still in its ongoing uptrend channel.
May closing level will give clues for June.
W1 : Under the influence of a major double top formation
trigger level being @ 12'207
Last week price action triggered a low of 12'915 which hold
Kijun-sen level ! Nice recovery triggered by this rejection and as a
result W1 closing level is above the cluster of MBB and TS.. but still
below the ongoing downtrend price action which took place from the
peak @ 14'071
D1 : Very thin clouds support area hold and triggered this nice recovery
seen over the last 2 sessions with a closing yesterday @ 13387, which is
also, roughly the level of TS @ 13367. Also below the ongoing downtrend line
resistance.
H4 : In a recovery mode, 50 % Fib ret @ 13'466 (KS on D1) filled, As already seen
in the past the 13390-13400 is an important area as it has been a former support
which now became a resistance to break !
A successful breakout of this resistance area would put the focus on the current downtrend
line resistance, currently @ 13'440 ahead of 13'473 61.8% Fib ret, both levels coinciding with
the H4 clouds resistance area.
H1 : Breakout of the clouds triggered an upside acceleration from 13'170 to 13'427
Above KS, MBB and TS
M30 : Same as H1 and TS has already been tested twice = Warning of a potential trend reversal !
M15 : Same than H1 and M30, but currently below TS = second warning
M5 : Currently in the middle of a sideways/slightly downtrend channel and caught between KS and MBB.
Watch the clouds support area as a good indicator; a failure to hold above the clouds would give additional warning
of a potential trend reversal
CONCLUSION :
ON A BROAD BEAR TREND. IN ORDER TO NEUTRALISE THE ONGOING DOWNSIDE RISK WE NEED TO SEE A SUSTAINABLE RECOVERY ABOVE
13'700 ON A DAILY BASIS AND ONLY THIS WOULD FORCE TO A REASSESSMENT OF THE EXPECTED BEARISH SCENARIO CALLING FOR LOWER LEVELS.
Ironman8848
May closing level will give clues for June.
W1 : Under the influence of a major double top formation
trigger level being @ 12'207
Last week price action triggered a low of 12'915 which hold
Kijun-sen level ! Nice recovery triggered by this rejection and as a
result W1 closing level is above the cluster of MBB and TS.. but still
below the ongoing downtrend price action which took place from the
peak @ 14'071
D1 : Very thin clouds support area hold and triggered this nice recovery
seen over the last 2 sessions with a closing yesterday @ 13387, which is
also, roughly the level of TS @ 13367. Also below the ongoing downtrend line
resistance.
H4 : In a recovery mode, 50 % Fib ret @ 13'466 (KS on D1) filled, As already seen
in the past the 13390-13400 is an important area as it has been a former support
which now became a resistance to break !
A successful breakout of this resistance area would put the focus on the current downtrend
line resistance, currently @ 13'440 ahead of 13'473 61.8% Fib ret, both levels coinciding with
the H4 clouds resistance area.
H1 : Breakout of the clouds triggered an upside acceleration from 13'170 to 13'427
Above KS, MBB and TS
M30 : Same as H1 and TS has already been tested twice = Warning of a potential trend reversal !
M15 : Same than H1 and M30, but currently below TS = second warning
M5 : Currently in the middle of a sideways/slightly downtrend channel and caught between KS and MBB.
Watch the clouds support area as a good indicator; a failure to hold above the clouds would give additional warning
of a potential trend reversal
CONCLUSION :
ON A BROAD BEAR TREND. IN ORDER TO NEUTRALISE THE ONGOING DOWNSIDE RISK WE NEED TO SEE A SUSTAINABLE RECOVERY ABOVE
13'700 ON A DAILY BASIS AND ONLY THIS WOULD FORCE TO A REASSESSMENT OF THE EXPECTED BEARISH SCENARIO CALLING FOR LOWER LEVELS.
Ironman8848
